Coinbase is reportedly in advanced talks to acquire Deribit, the world's largest crypto derivatives exchange for Bitcoin and Ethereum options, according to sources familiar with the matter.
Some sources said the negotiations had reached regulators in Dubai, where Deribit holds a license to be transferred to any buyer. While Coinbase, the largest U.S.-based crypto exchange, is pushing to expand its presence in the derivatives market, no final agreement has been reached and the talks may not result in a deal. Bloomberg previously reported in January that Deribit could be valued at between $4 billion and $5 billion.
The Deribit acquisition, if completed, would represent one of the most significant deals in the history of the crypto industry. The discussions come amid a shift in the regulatory and political landscape, with the return of US President Donald Trump to the White House sparking renewed enthusiasm for crypto-related policies. The Trump administration has appointed crypto advocates to key positions and implemented policies such as the creation of a Bitcoin reserve.
The move comes shortly after Coinbase rival Kraken announced it was acquiring retail futures platform NinjaTrader for $1.5 billion. The deal is expected to give Kraken its first opportunity to offer crypto futures and derivatives in the U.S. as it prepares for a potential public listing in early 2026.
The Deribit acquisition would strengthen Coinbase’s position in the fast-growing derivatives market. Deribit reported nearly $1.2 trillion in total trading volume last year, nearly doubling the figures from the previous year. The platform offers a mix of options, futures and spot trading, making it an attractive acquisition target.
*This is not investment advice.
